Blackstone CEO Stephen Schwarzman says a conversation with Alibaba founder Jack Ma in 2015 helped set the stage for one of Blackstone’s most consequential infrastructure investments. Speaking with Francine Lacqua in a Bloomberg Originals interview released October 25, 2026, Schwarzman connected that early AI insight to the firm’s purchase of data-center operator QTS, rising electricity demand and long-term private capital.

Key Takeaways

• Schwarzman traced Blackstone’s AI interest to a 2015 exchange with Jack Ma and subsequent conversations with researchers.
• Blackstone completed its approximately $10 billion QTS acquisition in 2021, including debt.
• The CEO argues that electricity availability, not simply computing hardware, is a major constraint on AI expansion.

In the Bloomberg interview, Schwarzman recalled learning about AI from Ma during a bus ride in China. Blackstone later placed a major bet on the physical infrastructure needed to run increasingly powerful computing systems.

The $10 Billion QTS Starting Point

Blackstone’s August 2021 announcement confirms that affiliated funds completed the QTS Realty Trust acquisition for about $10 billion, including debt. In the Bloomberg interview, Schwarzman said the business is now 15 times larger. The exact operating measure behind that comparison was not specified in the interview excerpt and should not be mistaken for a verified 15-fold investment return.

Blackstone previously reported in a corporate review of its data-center strategy that QTS grew in size by more than 900% during the first three and a half years of its ownership. That separate company claim adds context but uses its own reporting period and definition.

Why Power Matters More Than the Headline

Schwarzman also argued that the developed world faces an electricity shortage as AI data centers expand. More compute requires utility connections, substations, cooling and sufficient transmission capacity—services that cannot necessarily scale at the same pace as chip purchases.

That makes Blackstone’s strategy relevant beyond real estate. In August, NVIDIA named Blackstone among partners in proposed AI computing financing platforms targeting more than $500 billion in third-party capital over time. This is a stated ambition, not funded capacity already delivered.

BitcoinVersus.Tech has reported on megaprojects ranked by planned power, AI power-queue uncertainty and AI infrastructure financing guarantees. The interview strengthens the case for distinguishing planned investment, constructed buildings and genuinely available electrical capacity.

BitcoinVersus.Tech Editor’s Note: We volunteer daily to ensure information on this platform is Verifiably True. To support independent research, please consider donating 5,000 sats using the QR code below.

For best scanning results, display this QR code on a desktop or larger screen and scan it with a phone.